The Association of Chief Compliance Officers of Banks in Nigeria (ACCOBIN) has proposed that banks and other financial institutions incorporate AI and advanced analytics into their systems of operation at its Annual Stakeholders Conference.
The conference, themed “Beyond Compliance: AI, Risk, and the Future of Financial Integrity,” in Lagos, gathered leading compliance officers, regulators, law enforcement agencies, and tech experts as they tried to make sense of the evolving landscape of financial crime prevention and regulatory adherence.
Adebayo Ogundele, ACCOBIN chairman, highlighted how AI can transform the financial sector’s ecosystem, “The financial landscape is undergoing unprecedented change, driven by rapid technological advancements and increasingly complex threats,” Ogundele said.
“AI is already reshaping how we work, manage risk, and protect the trust fundamental to financial systems. It now powers fraud detection, real-time transaction monitoring, and data analytics in ways we previously could not imagine,” he added.
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He noted ACCOBIN’s commitment in preparing the industry for this new transformative era by “striving to build a financial system that is not only compliant but also intelligent, inclusive, and future-ready.”
Representing the directors of Banking Supervision, Consumer Protection & Compliance Departments of the Central Bank of Nigeria (CBN) were Yetunde Onafuwa, Abiodun Adeyemo, and Kehinde Salami, who praised ACCOBIN’s commitment to ensuring there is a culture of compliance and collaboration that promotes an “environment where innovation flourishes.”
They further emphasized the CBN’s confidence as apex regulator to “navigate this evolving terrain and secure the future of financial integrity for Nigeria, creating a system that truly serves everyone.”
Shehu Mohammed Ala, head of investigation, EFCC Zonal Directorate 1, represented the EFCC. He said the EFCC and ACCOBIN were both “gatekeepers to ensuring a strong financial system, and our collective vigilance, especially in leveraging advanced tools like AI, is paramount to safeguarding Nigeria’s economic integrity against evolving financial crimes. This partnership is vital to building a resilient financial ecosystem.”
KPMG and Deloitte, top consulting firms, also presented papers exploring the imperatives of AI integration, risk governance, and the evolving role of compliance in preserving financial integrity.
Other attendees were immersed in conversations on how AI can transform risk management and the broader integrity of the financial system, including sophisticated fraud schemes, money laundering, and cyber risks.
